INTERNATIONAL

Xeros Technology Group plans to raise around £25 million by a placing of ordinary shares, the company announced this week. The Rotherham-based developer of polymer bead-based textile cleaning, intends to raise approximately £25m by a placing of 11,111,112 new ordinary shares at a placing price of 225p per placing share. The placing will be structured in two parts.

Xeros said the proceeds from the placing will be used to accelerate commercialisation of the group’s portfolio and for continued investment in polymer science and engineering and the creation of intellectual property in support of commercialisation of applications.

Looking ahead, Xeros expects to continue its penetration of the US firefighter market in 2018 and establish a business platform, which provides strategic funding options for growth of this business beyond 2018.

Xeros plans to sign royalty agreements, under its Symphony Project, with at least two leading global OEMs and is planning major expansion in EMEA using Forward Channel Partners.

Xeros will also demonstrate its new domestic washing machine at the Consumer Electronics Show in Las Vegas in January 2018 with the expectation of entering licensing agreements with at least one global machine OEM.

“We have developed unique polymer technologies which substantially reduce water, chemistry and energy usage,” said Mark Nichols, chief executive of Xeros. “Over the last two years we have materially progressed their application in three world­scale markets: cleaning, tanning and textiles.”

“Having completed the majority of this development, we are now progressively commercialising six business applications in our chosen markets with major milestones for each targeted in the near term.

“We are delighted to welcome new investors who support our unique proposition and strategy. This fundraise enables us to progress significantly the commercialisation of our technologies and enhancement of shareholder value.”